The Bank of Spain published its quarterly indicators for non-financial companies, showing that sales growth slowed markedly in the first quarter of 2026 while profits and profitability rebounded and remained positive by historical standards. Net turnover rose 1.1% year on year, down from 5.6% in the same period of 2025. At the same time, ordinary net profit increased 35.7% after a 17.4% decline a year earlier, and return on assets rose to 4.5% from 3.6%. The improvement was driven mainly by energy-related outlier sectors, especially refining and fuel trade. Excluding energy, refining and fuel wholesale, turnover would have grown 2.7%, gross value added 2.1% and ordinary net profit 6%, indicating underlying expansion but a much weaker profit rebound than the headline figures suggest. The Bank of Spain also reported reweighted gross value added growth of 5%, correcting for the heavier weight of energy, industrial and large firms in the quarterly sample. Earnings were held back by a 4.3% increase in staff costs, a 6.4% rise in financial expenses and a 4.6% fall in financial income. Across the sample, 57.6% of companies recorded higher sales, while ordinary profit and return on assets were more evenly split, with roughly half of firms improving and half deteriorating. The next quarterly release on the main economic and financial indicators for non-financial companies, covering the second quarter of 2026, is scheduled for Sept. 24, 2026.
Bank of Spain2026-06-24
Bank of Spain reports slower first quarter 2026 business sales growth as profits rise 35.7% and return on assets reaches 4.5%
The Bank of Spain said non-financial companies' sales growth slowed to 1.1% in the first quarter of 2026, but ordinary net profit rose 35.7% and return on assets increased to 4.5%. The rebound was driven largely by refining and fuel-related sectors. Excluding energy, refining and fuel wholesale, sales rose 2.7% and ordinary net profit increased 6%.